More positive news.
Jobless Claims in U.S. Fall to Lowest Level in Four Years
By Shobhana Chandra - Mar 22, 2012 8:43 AM
Applications (INJCJC) for unemployment benefits dropped last week to the lowest level in four years, reinforcing signs the U.S. labor market is picking up.
Jobless claims decreased by 5,000 to 348,000 in the week ended March 17, the fewest since February 2008, Labor Department figures showed today in Washington. The median forecast of 46 economists in a Bloomberg News survey projected 350,000. The number of people on unemployment benefit rolls and those getting extended payments also fell.
March 22 (Bloomberg) -- Applications for U.S. unemployment benefits dropped last week to the lowest level in four years, reinforcing signs the U.S. labor market is picking up. Jobless claims decreased by 5,000 to 348,000 in the week ended March 17, the fewest since February 2008, Labor Department figures showed today in Washington. Betty Liu and Dominic Chu report on Bloomberg Television's "In the Loop."
Dismissals have been waning and reports show companies are becoming more willing to expand workforces amid evidence sales are improving. Employment growth will help spur consumer spending, which accounts for about 70 percent of the economy.
“This is consistent with gradual improvement in labor market conditions,” said Brian Jones, a senior U.S. economist at Societe Generale in New York, who correctly projected the level of claims. “It’s good for consumer spending.”
more @ Bloomberg.com
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